Fundraising& private equity.
For founders and investors alike: negotiating and documenting the financing round, from seed to later series, while preserving the balance between the parties.
Negotiate and
document.
The process.
Frequently asked
questions.
What is a term sheet?
The document setting out the main terms of the round: valuation, amount, securities issued, governance, liquidity and exit provisions. Generally non-binding on substance, it often binds the parties on confidentiality and exclusivity.
BSA-AIR or capital increase?
The BSA-AIR allows a quick investment without setting the valuation immediately, which is determined at a later round. A capital increase fixes the price and the investor's stake from the outset.
What are the main clauses of an investors' shareholders' agreement?
Governance (strategic committee, reserved matters, information rights), share transfers (lock-up, pre-emption, approval), liquidity and exit provisions (drag-along, tag-along, liquidation preference), anti-dilution and founders' undertakings (good/bad leaver, exclusivity, non-compete).
How are fees set?
A written fee agreement is entered into before any work begins. Terms (fixed fee, hourly rate or a combination) depend on the nature and complexity of the round.